Dropbox 2Q Profit Falls on Higher Expenses

Dow Jones08-07

Dropbox logged a lower second-quarter profit as expenses rose, offsetting a slight uptick in revenue.

The file-storage company on Thursday posted a profit of $95.8 million, or 42 cents a share, compared with $125.6 million, or 45 cents a share, a year earlier.

The profit decline was driven by higher operating expenses, including from research and development, as well as increased interest expense.

Adjusted earnings per share were 75 cents, just ahead of estimates of 74 cents a share according to analysts polled by FactSet.

Revenue ticked up 0.9% to $631.5 million, topping analyst estimates of $626.7 million.

Dropbox said it added 96,000 paying users in the period, marking its third consecutive quarter of paying user growth. Average revenue per paying user rose to $139.68 from $138.32.

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